ZMOT – You Have Changed

Continuing our thread on information overload and the power of information in our lives, I had the opportunity this weekend to read a recently published book, ZMOT, Winning the Zero Moment of Truth.  It was written by Jim Lecinski.  Jim is the managing director, US Sales & Service for Google.  He works with many major brand marketers and media agency partners.  His book is brilliant and articulates clearly just how much has changed for consumers because of technology, information, Google and mobile devices.

You can download the book for free at www.zeromomentoftruth.com.   Today’s blog will highlight some fascinating statistics about behaviors and influences in our lives.  Please download the book and read it.  A fast read, full of great nuggets and game changing to your business.  If you are not thinking about ZMOT, you better start.

Here are some initial nuggets:

  • 70% of Americans look at product reviews before making a purchase
  • 79% of consumers use a smart-phone to help with shopping
  • 83% of mom’s do on-line research after seeing TV commercials for products that interest them

ZMOT, or Zero Moment of Truth, is Google’s definition of the critical moments that lead to an individual’s decision to purchase a product or service.  Since we are now connected almost all the time through high bandwidth connections, we now have the ability to learn about products that interest us whenever we want; watching a ball game, in the store, walking down the street or engaged in a conversation with our friends.  We can now be experts whenever we want – well we can certainly believe we are experts anyway!

  • As consumers, we are in charge
  • We get smart on stuff quickly
  • We engage in multiple conversations with friends, strangers, marketers, websites and experts in real time

Think about how your behavior has changed.  Would we ever consider buying a car without extensive research on quality, price, options, availability or comparing brands?  Nope.  This same behavior has now cascaded down to everyday products such as groceries, school supplies and gas prices. Mom’s are leading the charge, but we are all doing it.

People are now asking three questions before making purchases:

  1. Will it save me money?
  2. Will it save me time?
  3. Will it improve my life?

Hmm, tough battlefield to compete on.  You bet.  The reality is if you are a selling a product or service the ZMOT is becoming more and more critical to being considered.  If you are a business owner, start learning.  If you are a consumer, enjoy the power that you now have.  It will only continue to grow.

I have only scratched the surface on this topic and will dig in a little deeper over the upcoming weeks.  Read the short book though – it does a terrific job of identifying what is going on and what has changed.

Let me know what you think about this blog and about the book when you can.

Have a great day.

Webman

Advertisements

We are Disconnected! – Part 2

As we have discussed before, the amount of information that we are bombarded with every day is just staggering.  It really is no wonder that we have a very difficult time filtering through this information, determining what is important and what is not.  This information overload not only leads to a more challenging and stressful work environment, but also carries over into our personal lives, as the separation no longer exists due to smart phones, Crackberries and the like.

In a recent report, commissioned by Hitachi Data Systems, it found 40 percent of companies in Australia and New Zealand are suffering from the information glut, up from 34 percent two years ago.  The report also found 81 percent of companies surveyed now considered it important to manage data growth, up from 68 percent two years ago.

Workers are drowning under a deluge of emails and information. Corporations are failing to help staff cope with the technological barrage, daily meetings and constant connection, leading to rising levels of stress and psychological illness and costing billions in lost productivity.  Psychologists and experts said the information glut is becoming a major issue for firms who are searching for realistic answers to the problem.

Most workers receive an average of 36 emails a day and huge volumes of other information. Add to this social media, instant messenger, daily meetings and the ever-present telephone plus the arrival of new technologies which employees are expected to embrace to stay ahead of the game.  Many employees are reaching “breaking point” with the amount of information they receive and there is a huge need for employers to step in and help.  http://www.foxnews.com/health/2011/12/05/information-overload-is-causing-illness-and-costing-money-experts-warn/#ixzz1g2MLMhJf

In these very difficult economic times, companies have cut back on staffing, added more and more projects to achieve their expected growth rates and are relying on these workers to produce at the highest levels of productivity and quality.  Is it any wonder that employees are more dissatisfied at work than ever with many of them focused on finding the next job and leaving their existing employers.

As shared yesterday, we have moved from a “we” to a “me” society.  Is it any wonder that this has happened given the ever increasing lack of loyalty by employers, the overwhelming need for companies to achieve their financial goals for Wall Street and their shareholders?  Oh did I mention the fact that the average pay ratio between CEO’s and employees for the Fortune 50 companies is 213 to 1.  And the CEO to worker pay ratio at United Health Group is 1,737 to 1.  Hmmm.  See the infographic: http://www.payscale.com/ceo-income

So let’s summarize.  Employers hammering employees to do more with less.  More information for employees causing high levels of stress.  Employee dissatisfaction at all time high levels.  People disconnected from their friends and family.  Sound bite society.  Occupy America.

Houston, we have a problem.

Please let me know what you think about this blog.  Have a great weekend.

Webman